Fort Worth-based Black Mountain Oil and Gas LLC has announced the closing of a $150 million equity commitment from Natural Gas Partners through NGP Natural Resources, XI, L.P.
“Our partnership with NGP will allow us to evaluate a broad opportunity set and move quickly when we identify a clear line of sight to value creation,” said Rhett Bennett, Founder and CEO of Black Mountain. “This is a unique and challenging market, but one that we believe will create opportunity with the right partner.”
Black Mountain’s a privately owned oil and gas exploration with operations in 7 states, from North Dakota to Texas across to Kentucky and the Appalachian Basin. It has interests in more than 5,000 oil and gas wells covering hundreds of thousands of acres.
But the new deal with NGP will allow further focus on the most prolific producing regions in the Lower 48 with a current focus on the Delaware Basin in Texas and New Mexico. But it also has exploration interests throughout Oklahoma and among the firms it has completed transactions with is Chesapeake Energy Corporation.
Natural Gas Partners is based in Irving, Texas and was founded in 1988.
